Aliso Viejo-based Ambry Genetics Corp., Orange County’s third-largest medical diagnostics and testing company, has entered into an agreement to be acquired for $600 million by Tempus AI Inc., which is using artificial intelligence for precision medicine.
“Over the last few years, while other laboratories in our industry suffered from challenging market conditions, Ambry experienced record growth due to our focused initiatives in operational excellence, fiscal responsibility, and strategic portfolio management,” Chief Executive Tom Schoenherr said in a letter to employees.
“We recognize that to continue our growth trajectory and deliver on the many patient-first initiatives in our pipeline, we need to be part of a larger, like-minded organization. After an extensive search and consideration of suitors, we are thrilled to be joining Tempus.”
Chicago-based Tempus AI on Nov. 4 reported third-quarter revenue climbed 33% to $180.9 million while its net loss widened to $75.8 million from $53.4 million in the same period a year ago (Nasdaq: TEM). Tempus shares fell 8.7% to $45.20 and a $7 billion market cap after the acquisition and third-quarter results were announced.
See the Business Journal’s Nov. 11 issue for more information.
